Innovo signs $20mn distribution deal with Itochu Corp

21 May '07

1 min read

Innovo Group Inc announced its Joe's Jeans Inc subsidiary has entered into a three-year, exclusive distribution and non-exclusive license agreement with Itochu Corporation to distribute and license its Joe's and Joe's Jeans branded products in the Japanese market.

During the term of the agreement, Itochu will be obligated to purchase a minimum of $20 million of Joe's and Joe's Jeans products for distribution, and will pay a license royalty of 6% of net sales of all bottoms and 5% of net sales of all tops for both men's and women's products.

Marc Crossman, CEO of Innovo Group, stated, "We firmly believe this agreement will allow us to achieve our objective of significantly growing the Joe's brand in Japan, which is currently our largest international market. This represents another major step toward realigning the Joe's brand internationally to capture what we believe is tremendous future growth potential."

Foxmark International, a Japanese-based management services firm, is serving as the Company's strategic advisor in Japan.

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